Autumn is an important time for the property market, as many people return from summer holidays and start considering a new home. After a quieter 2023, where rising mortgage rates and persistent inflation led some to postpone moving, we are now seeing a surge in activity.

This year, many potential home-movers are looking to take the plunge they held off on during 2023. Mortgage rates have been trending down, inflation is closer to the target of 2%, and we saw the first Base Rate cut in four years on August 1st. Additionally, there is a greater selection of homes on the market, with estate agents boasting the highest average number of listings since 2014.

These improvements have led to a 15% rise in enquiries compared to this time last year, while the number of agreed sales has jumped by 27%.

The government's Autumn Statement, set for October 30th, will outline fiscal policies that could impact specific sectors of the housing market as we approach the end of the year.

Latest House Price Trends

Typically, the autumn selling season sees an increase in asking prices, as sellers take advantage of the heightened demand. This year, however, asking prices have risen by 0.8%—double the usual seasonal growth. The current average asking price for a home is £370,759, which has climbed by nearly £3,000 since last month.

Breaking this down by buyer types: first-time buyers have seen an average house price increase to £227,570, up 0.2% from last month, which also represents a 1% rise year-on-year. For second-steppers, the average house price now stands at £343,052, reflecting a 0.7% monthly increase and a 1.4% rise compared to last year. Meanwhile, those looking to move to larger homes, or "top of the ladder" properties, are facing an average price of £670,753. This marks a monthly increase of 0.8% and a 0.7% increase year-on-year.

What Should You Know if You’re Selling?

Despite the increased buyer interest, it’s taking an average of 60 days to find a buyer, which is three days longer than last year. This indicates that while more buyers are enquiring, they are being selective in finding the right home.

Whether you are looking to buy or sell your property, contact our team today on 0116 275 8888.